Strata commercial unit at Bukit Timah Plaza for sale at $11 mil
Bukit Timah Plaza is a mixed-use development that was finished in 1979. It sits on an island site bounded by the Pan-Island Expressway, Jalan Anak Bukit and also Upper Bukit Timah Road. The development comprises a four-storey retail block and two flat blocks called Sherwood Towers, with 269 property units.
Forthcoming projects include a spots mixed-use development by Far East Organization and Sino Group at the Jalan Anak Bukit Government Land Sales (GLS) site. The joint-venture associates won the 3.22 ha site, situated at the junction of Upper Bukit Timah Road as well as Jalan Jurong Kechil, with a price of $1.03 billion ($989 psf per plot ratio) in August 2021. The project will certainly consist of a business podium, property units, serviced condominiums, as well as a new incorporated transportation hub.
Clemence Lee, executive supervisor of resources markets, Singapore, at CBRE, notes that strata-commercial units within the Beauty World sub-precinct are limited in supply. “Investors realize that supply of strata-commercial equities will certainly be restricted in the future, as the authorities begin to restrict additional strata subdivision of the commercial component of properties located in essential central areas,” he adds.
Therefore, he anticipates solid interest in the real estate from local area and overseas buyers, involving high-net-worth buyers, home workplaces as well as owner-occupiers.
A strata business unit with approval for dining establishment use at Bukit Timah Plaza is up for sale by means of an expression of interest exercise. According to sole advertising representative CBRE, the unit has an overview cost of $11 million.
There is also an upcoming site under the 2H2022 GLS Programme situated at Bukit Timah Link, which can produce 160 house units.
The property remains in Basement 2, crossing the primary central plaza of the retail complex. It has 20m frontage as well as a total strata area of approximately 3,391 sq ft. It is currently totally rented.
Sceneca Residences MCC Land (Singapore) Pte Ltd
Additionally, Lee views that the restoration taking place in Beauty World will likely enhance hire and capital appraisal for real estates in the location over the medium to long-term.
